[shiado]

Americans by and large aren't able to trade crypto in any meaningful way to impact the markets, unless they are an American institution operating on foreign exchanges. Look at trading volumes by pairs and exchanges. The US occupies a small portion of overall spot trading and is absent in derivatives trading, which is almost all of the crypto markets. It's no wonder superbowl ads have no impact on price.

[hollerith]

Interesting. Is that mostly because Americans are subject to laws and regulations non-Americans are not?

Is it mostly because of US anti-money-laundering laws?